Video: Meet the only African man who refused to devalue Naira !

[KGVID width=”550″ height=”350″ downloadlink=”true”]https://ooduarere.com/wp-content/uploads/2014/12/buhari.mp4[/KGVID]

Watch the video above

So Buhari refused to devalue the Naira, and IBB agreed to devalue it. Smh. Buhari seem like a gentleman after all.

What is the value of Naira to dollar today if you ask me a lot of Nigerians are suffering.
This is not the time for blame games but the time for answers, suggestions or way out.

See a suggestion bellow and do feel free to add yours.

Bring on the RentenNaira. Kill speculation.

Hjalmar Schacht stopped the foreign speculators attack on the German Mark by substituting the Rentenmark which was only accepted in Germany and not Legal Tender for foreign transactions by pure speculators. He also stopped too-easy credit/money creation.

The Rentenmark was backed by land and other industrial hard assets , so was accepted for use by the German people. That ended the Weimar inflation and caused speculator losses among the foreign speculators because the Reichsbank refused to convert their “profits” of US Dollars bought with promise to pay in Marks, instead issuing only Rentenmarks for the USD. [The sellers of USD demanded payment in Marks, which were Legal Tender so good for international trade. The specs expected to pay by waiting until the Mark weakened, using some of their hi-valued USD to payoff their borrowings with cheapened Marks. Instead, the Reichsbank gave them 1 Rentenmarks per BILLION Marks ratio for their profferred USD.]

Thus was the “carry-trade” smashed.

[Note: actually the ratio was 1 Trillion [1,000,000,000,000] in US number system in which US Billion = Thousand-Million. In European system, in which Billion = Million-Million, that same 1,000,000,000,000 is called Billion.]

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Re: using a Rentennairato stop foreign speculative attack on the Naria:

Also, to prevent the abuse of using the central bank to discount notes [a form of abuse of excessive credits], thereby gaining foreign exchange to increase hoarding of foreign currencies, Schacht put a full stop to central bank discounting. Thus for example, corporations who were hoarding valuable foreign currency were forced to spend it as working capital. {Even though the bank would apply a discount rate to supposedly discourage too-easy credits, the devaluation rate of the Mark was far greater than any discount and too-easy credit the result.]

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re Hjalmar Schacht and Germany’s hyperinflation remedy:

Clearly I am not a scholar nor do I have any first-hand knowledge of events.

I do have a crude, working knowledge of what transpired which, however mild and incomplete, seems useful and instructive.

Schacht later wrote that the Rentenmark itself did not stop the inflation. Rather, it was his “credit bar” that ended it.
That “credit bar” was the Reichsbank total refusal [on Schacht’s order] to discount bills which it had been doing excessively and causing the flood of credit/excess money creation. Hence, the inflation. Foreign interests that benefited from a weakened Germany were active in the scheme.

The Reichsbank was a complicated private-central-bank affair that begs clarification to help understanding. It had the flavor of the modern US Federal Reserve. Because it was wrongly seen as simply a government-controlled bank that caused the hyperinflation, it was later often used an example of why a central bank must be private and independent of the government.

If there is interest, I will explain further in some detail
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